HYDERABAD, NEW JERSEY -- I am an NRI and I bought an apartment in Hyderabad about 8 years ago. SBI having declined our home loan application citing a litigation in the land where the apartment was being built up and hardly having any time to check with more banks in 2 week vacation time, went with ICICI (builder's recommendation) for home loan. Since then, I have been noticing their obsession with the point of contact in India and make the distance and the time difference between U.S and India look impossible.
While I understand that I am not the only customer they are servicing, they have to understand that I am also one of their customers. I have not been able to make any partial prepayments towards the loan because they need a letter and a check from me being delivered by someone in India. While I have no doubt that more or less all the private banks function similarly, you may want to approach a bank that has a friendly staff not just when you visit them in person during your 2/3 week vacation to India but also over the phone/email from here in U.S. Please look for a bank that has a better customer service and a better connectivity.
MUMBAI -- I registered for a course of Basic future and options. The course was cancelled and I was not given an intimate about cancellation. When asked they said they had sent a message about course cancellation to other number.
When asked about reason of cancellation they said faculty was not available.
PUNE, INDIA -- I visited the Bund Garden branch, of the ICICI Bank in Pune to open an account as an NRI needing a credit card. The information that is given is only half true and you only discover this after you have parted with your hard-earned dollars. You lose about 8% in the exchange rate as soon as you open the account, considering the best they can offer is about 5.33% per year - you have already lost 1 1/2 years interest in a couple of seconds.
The minimum amount to open the account is $400. Then you find out that you as an NRI from USA (other country NRI's are exempt) can only invest your account money in mutual funds of their choice, with a recurring deposit of Rs.100,000 (about $2500) per year for 3 years. You have no say in the matter if their mutual fund goes south and you begin losing your principal, you would still be forced to keep paying $2500 per year for 2 more years. THEIR BROCHURE DOES NOT MENTION THIS FACT AT ALL AND IS FRAUDULENT AND MISREPRESENTATIVE OF THE TRUTH. They should be sued on just this point alone.
They have yet another clever scheme/scam where you are led to believe that the funds in the above account can be put in a "special" high interest (8.5%)-earning vehicle only to learn that you would have to add another $9600 to the above account to avail of this scam (always losing a "measly" 8% in the exchange rate of course). Now, after all this, as if this is not enough already, to get a credit card you have to open another Fixed Deposit (CD) account with a minimum balance of Rs.100,000.
Within 5 minutes of learning the facts, I asked that my application for opening the account be cancelled and that my amount be returned to me. NO WAY JOSE!! You are now the victim of the ICICI system. You will now have to wait a week so that the account can be ACTIVATED before you can DE-ACTIVATE it. Can you believe this crap!!
NRIs in the USA, you don't know how good you have it in the US. The service here SUCKS!! And the morons who run this business here try to make you feel that they are doing you, the CUSTOMER, a favor. Things have not improved here in this part of the world no matter what they say in the news. This attitude, the bureaucracy and red tape along with the corruption will keep India in a rut long after all the other developing countries in Asia have left us in their dust. WAKE UP INDIA!!!! FYI - The officers(?) who subjected me to this unforgettable experience were Ms. ** and one other who gave me a card bearing the name **, Branch Manager.
PUNE, MAHARASHTRA -- I am **, Holding a saving account of ICICI bank in at Bhandarkar Road Branch, Pune (Maharashtra). Someone unknown person transfer Rs. 41200/- from my account on 05-Nov-2010 at 12.48 PM Through internet banking. Now I would like to tell you how I lost my amount without my knowledge.
Before that I have received a call from a person who introduced me as ICICI bank's customer care executive, his mobile number is ** at around 11.45 PM on 05-Nov-2010. He told me that, we are updating & integrating new system for internet as well as mobile banking and for that we need URN number which they will send SMS soon. He have all the details of my account like account number, branch name, amount bal in account. At that time he send me all these details by SMS and just confirm with me it is right or wrong.
After this discussion I had received SMS from TM-ICICIBNK with URN number at 12.23 PM on 05-Nov-2010. After receiving SMS, again received call from same number as mentioned above at around 12.30 PM to know that URN number. And at 12.48 PM I have got one more SMS that "Rs. 41200/- (Forty-one Thousand Two Hundred Rupees) drawn from my account". My account money, i.e. Rs. 41200/- have transferred to that unknown person's account by himself. Bank address from where the that unknown person drawn the amount & his Transaction ID is **. His name **.
After this entire incident, I went to branch but any of executive didn't entertain us. They given their agent number who handle such cases. With information that I had complained at ICICI Bank Customer Care no., I communicated with ICICI Bank customer Care Executive by telephonic conversation on ICICI Bank Customer Care no. He heard all my information and told that we have to make a complaint in crime branch (Cyber cell). I complained at crime branch with application and bank statement on 08-Nov-2010.
What action will be taken by ICICI bank against the person? Why ICICI not send any notice to that person?? Now please verify the above given information and kindly take an immediate action. I shall be very thankful for that.
BANGALORE -- I opened an NRE account with ICICI Bank Kormangala Branch, Bangalore. I requested for a mandate ATM card for my wife in Jan 2010, which was delivered in time by courier. However, the PIN for the card was never received. So my wife could not use this card, and I had to postpone money transfer to this account from Singapore. On a recent trip to India in 2nd week of March, I contacted the customer service to issue the PIN to her. The reply I got was that her card was deactivated and she had to contact customer service to get it activated. How would she get into phone banking without her ATM PIN?
Anyway, after much run around, someone gave me a number in Hyderabaad, and they advised me to put in a request through net banking for activation of the card. I did so, but received no reply to my e-mail. Only thing written was "status of request not known, send e-mail through mymailbox." I contacted customer service from Singapore through a toll-free number, where I was informed that the card was activated but for issue of PIN, I'll have to contact Hyderabaad. I rang up Hyderabaad on my own cost, where I was repeatedly put on hold for a very long time with the plea that their system was running very slow.
After much wait, I was informed that they could not generate the PIN as it was only an ATM card. They also could not take a request for PIN from me and my wife will have to contact them. The PIN will be sent to my wife's communication address. I informed that my wife is working and anything sent by courier was likely to be missed (as apparently happened with the PIN mailer first time), so could they please instruct the courier to contact her on her cell phone before coming. I was informed that this could not be ensured.
So, I cannot be informed about the PIN for my own account, delivery of PIN to my wife cannot be ensured, and in effect, the very purpose of opening an NRE account is defeated. Disgustedly, I sent in a request to close the account, and decided to use another bank. My advice to other NRIs considering using ICICI bank for opening NRI accounts is: be aware. It is the worst service and corporation that I have ever encountered.
Hi all, I don't know if this is correct place, however I would still post my issue since 'ICICI' plays a role. I applied for a Car (Chevrolet) Loan via ICICI. The loan amount was a mere 3.2L. I submitted over 100 Xerox copies of documents, my past 2.5 years of employment papers, this and that.
Where am I stuck? The person from ICICI (or the agency ICICI hires) went to the WRONG address for my verification. Now, I'm single and I stay alone. Where I live, it has been over 2.5 years and everyone knows me in the building for obvious reasons.
The verification guy went to the wrong address and marked my FI as negative. I re-requested it and this time he entered the wrong address again! I assisted him in going to the correct address, and again he marked me as negative! I verified from every neighbor in my building, all of them were away to work. And the comments that this guy put in his notes every time was "The guy has left the building 2 days ago". Now, when first time he entered the wrong place, how could he write "I left 2 days ago"? (Even if I did leave) How come he wrote the same damn comment AGAIN when he entered the same address?
My question to ICICI persons: Are these persons your own? These so called uneducated and absolutely lunatic people. If not, then they are from some agency that you hire. What is your criteria for making a contract with an agency for the verification process? Or do you have none at all? On what basis are these persons given information for verification? Or is this just some "layman's work" or some "jugaad" thing, keeping which in mind does ICICI hire/employ agency/persons for the verification process?
I have taken a leave today, in spite of urgent work, sitting back home like a stupid person, and finding EVERY SITE on which I can tell people what ICICI does! No matter what comes to this country, the service is as bad as a road-side dhaba. And its painful to see, ICICI BANK is no damn different!
Thanks ICICI, these are the reasons why people from outside laugh at India and its services. Forget them, I am laughing myself to be a part of the country where a bank like ICICI truly harasses people and kills their time and money for nothing at all! ICICI...YOU SUCK!
Sometime in the year 2006 my wife and I (both NRIs for the last 8 years) decided to invest some of our hard-earned money into the booming housing market in India . We purchased a house in Gurgaon with the help of a home loan from ICICI Bank. Following were the experiences (quite the opposite of dreaming of buying a place in India!) in dealing with ICICI Bank over a period of two and a half years.
Opening an account: Compared to a day in the US, it took me a whopping four months to open up an NRE account! (They told me the signatures do not match the passport. Well I have never changed my signature. Another time they required additional documents and list goes on and on)
Customer service: The customer service is simply awful. Most of the times the home loan folks at 1866ICICI4U just don't know enough about the case. But they are always courteous enough to ask for all the loan and personal information only to inform you, "Sorry sir. Please contact your relationship manager." Or, "Sorry Sir we won't be able to help you on this." Of course, there is never a manager available to escalate the issue.
Selling the house: Unlike an escrow period in the US, the home loan has to be fully paid before releasing any papers. Well good luck if you intend to sell the house and have the proceeds from the buyer to pay off the loan. There is no such thing in India. BTW what good is a relationship manager when all they can give you are canned responses: "Sorry Sir. This is our policy... Sorry Sir. Sorry Sir."
Website: Logging into the site is probably the easiest thing to do. However, trying to find information related to your accounts is anyone's guess. Most of the times, clicking on home loan account returns a "Our system is down. We are currently experiencing difficulties. Sorry for the inconvenience."
Conclusion: Invest in a country where you live. And if you do plan on investing in India, DO NOT BORROW FROM ICICI BANK. While Ms. ** and Mr. ** are busy giving big presentations about the opening up of Indian Financial Markets, poor borrowers are suffering tremendously. And BTW when they say SORRY, they really don't mean it. What a shame!!!
MUMBAI -- Dear All, this is bring in to Notice the kind of harassment done by ICICI Bank's agents to customers. I have taken credit card from ICICI bank in year 2005 with card number **. In year 31-May-06, in one of statement I found that ICICI Lombard policy has been charged against my credit card. I had not done any purchase and expect Lombard charges - nothing was showing on my statement.
Immediately I called up call center and asked them to cancel the fee and cancel my card. I have been advised by the call center agent to tear the card and put card in the drop box, which I did next day itself. Even post that I received the statement next month with minimum amount taken from my account and interest put on rest of the amount. I again followed up with customer care personnel and then they said they will ensure that no statement is further delivered and they will revert back fees. Immediately canceled my account also with ICICI Bank.
Then suddenly next month, collection agent came to my house for collecting dues and I was shocked. Again I debate with him then he said pay the amount 200 and everything will be settled down. I did same and I got receipt for same.
Suddenly 3 days, back again. One agent came to my house for collection and started misbehaving with my wife. When I showed up slip, he said, "you pay rest of money" else he will send some 'guddas' to collect. He said he will ensure that collection is taken from him outside in road if I don't pay upfront. He started abusing. I am really afraid and now I have asked my relatives to help me out. This type of 'gundagardi' ICICI bank's collection agents are doing with customers. Would appreciate if any one can help me out. I have receipt and bills with me.
TIRUPPUR -- Here is another customer, Nature Neem Product, Tiruppur, who regret to have opened an account with ICICI. Our foreign buyer from Italy has transferred money to us and we are struggling for the past 15 days to get this account.
If we call by telephone, they say our card number is invalid and reset the PIN quit the call. After several tries contact to customer services is unsuccessful. Sending an email to firstname.lastname@example.org, email@example.com, firstname.lastname@example.org - no email has been replied for the past 4 days (I have the proof).
Contacting the local bank - they confirm that money has reached (!!!) some 10 days before and they can't remit the money to our account for X reasons (as if it's their money). They asked the invoice, then asked a 100 rupees bond, then they asked a letter this was going like this for the past 15 days and our buyer has lost patience and now he cancelled the order.
ICICI should realize how small companies like us struggle to take an international order. Now we has lost the order because of the worst services of ICICI. Even today the money is not transferred and we have incurred a loss due to them. The next wise decision I have to take is to close the account with them. We are frustrated and we can provide the proof for the all that we have explained above. I advice all of you kindly not to open the account with ICICI.
ICICI bank system is poor ever I see on my life. I need to reset my password and I call ICICI bank customer service. Someone verify all security question and finally told me, "your ID will re-activated within 24 hours so try after 24 hours." Now here is story I found after calling ICICI bank 3 or 4 time to enable my ID.
I found very good answer from one of the customer service person. He told me, "when you call first time for problem, we send your password to your home address and nobody was on home so we destroyed the envelope." Is this makes sense? Since this happen to me, I decided to withdraw all my money from ICICI bank by debit card because I am NRI, and I was using this account to donate money to people in India.